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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Karachi, April 8, 2013: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the medium to long-term entity rating of Universal Leather (Pvt.) Ltd. (ULPL) at ‘BBB+’ (Triple B Plus) and short-term rating at ‘A-3’ (A-Three). Outlook on the medium to long term rating is ‘Stable’.
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Karachi, April 08, 2013: JCR-VIS Credit Rating Company Limited has revised the Fund Stability Rating (FSR) of KASB Cash Fund (KCF) from ‘AA+(f)’ (Double A Plus(f)) to ‘AA(f)’ (Double A(f)).
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Law firm Holland & Knight has hired Oliver Agha as a partner and its head of the Islamic finance and Middle East and North Africa (MENA) practices. He will be based in the firm’s Dubai affiliate office. In 2010, he founded Agha & Co, a boutique Islamic finance firm with clients from international and regional financial institutions and corporations. Agha’s Dubai-based firm, which includes four associate lawyers, will also join Holland & Knight. Agha is a New York-trained lawyer who has previously led practice groups at Am Law 50 and UK firms.
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Gatehouse Bank’s Richard Thomas has left his position as chief executive officer to lead the bank’s expansion into South East Asia. Thomas will relocate to Malaysia and will be responsible for linking London with the Islamic finance hub. Fahed Boodai co-founder and chairman of Gatehouse, has assumed Thomas’s responsibilities as interim CEO. Thomas joined Gatehouse in 2007 and took over as CEO in August 2009. He worked with the board on establishing a new business model based on real estate investments and wealth management.
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Sharjah Islamic Bank has given initial price thoughts of low 3% area for its benchmark dollar Reg S sukuk. The deal could be priced as early as Tuesday, when roadshows are due to end in London. Al Hilal Bank , HSBC, Liquidity House and Standard Chartered are leading the meetings, which began in Kuala Lumpur on Thursday before heading to Singapore on Friday and London on Monday. SIB is rated BBB+ by Standard & Poor's and Fitch. The bank last issued a dollar sukuk in May 2011, when it brought a $400m five year deal that paid 4.715%. Those notes have rallied from par and were quoted this week at around 107.25, or a 2.3% profit rate.
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Abu Dhabi Islamic Bank and Dubai Islamic Bank have repaid the financing they received from the UAE finance ministry during the credit crisis. DIB has repaid in full and ahead of maturity the Dh3.75bn ($1.02bn) it received in 2008, while ADIB has repaid Dh2.2bn of subordinated debt it was provided in 2009 and was due to be repaid at the end of 2016.